A cryptocurrency analyst and trader is turning bullish on Tron (TRX) amid the native token of the layer-1 blockchain going up by over 20% in the past month.
In a new video, the analyst pseudonymously known as Sherpa tells his 11,300 YouTube subscribers that over the past couple of years, the price of Tron has performed relatively better compared to other altcoins.
“TRX has been one of the strongest coins the last entire stretch. If you look at it, the fact that TRX is actually near all-time highs [recorded] back in March of 2021 is actually incredible. The number of coins that are actually near all-time highs from 2021 is very very very few. TRX was the one that actually managed to get up to that point.”
TRX is trading at $0.151 at time of writing.
Sherpa, however, says that Tron’s chart currently “looks pretty ugly” and he is consequently bearish on the altcoin over the near term.
“It’s actually one of the strongest altcoins overall. That being said, I still think that it’s probably coming lower in the short term.”
On the potential entry points for TRX, Sherpa says,
“I do believe that it’s going to pull back. Don’t know how far. If looking for entries, maybe you can do this former weekly close at $0.143, $0.142… but again that’s a little bit risky in terms of everything else. But would be patient with TRX, don’t necessarily think it’s a must-buy here.”
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